Hong Kong Insurer Expands Into Digital Assets

In a stride towards global expansion Alchemy Pay, the cryptocurrency payment gateway based in Singapore, has secured its inaugural Money Transmitter License in the United States.Photo by Jametlene Reskp on Unsplash Arkansas licenseThe license, issued by the Arkansas Securities Department on September 13, enables Alchemy Pay to provide a comprehensive suite of financial services, including crypto-to-fiat transactions, within the state of Arkansas. The license was issued to Alchemy Pay, Inc., the crypto payments firm’s US entity which was first registered as a corporation in the US in October of last year.This milestone represents Alchemy Pay’s inaugural foray into the US market and demonstrates the company’s intent in terms of regulatory adherence. The Singapore-based firm now joins the ranks of authorized cryptocurrency enterprises operating in Arkansas, including industry giants like Coinbase, Jack Dorsey’s Block, MoonPay, and the bitFlyer exchange. Global expansionIn a press release published to the firm’s website on Thursday, Robert McCraken, Alchemy Pay’s Ecosystem Lead, underscored the meticulous efforts invested in securing licenses across diverse global jurisdictions, emphasizing the company’s unwavering dedication to compliance.It’s evident that the company is pursuing a strategy to globalize its market offering. Alchemy Pay has previously obtained operating licenses in strategic markets such as Indonesia and Lithuania, while it is making ongoing efforts to secure Money Transmitter Licenses in additional US states.In April it secured $10 million in funding from Singapore’s DWF Labs, with the intention of using the capital to expand its business in South Korea. The following month it enabled a rupee-denominated on-ramp using India’s UPI real-time payments system. In July it announced a collaboration with Checkout.com, enabling transactions between fiat currency and cryptocurrency over Checkout.com’s Visa and Mastercard channels.Since its establishment in 2017, Alchemy Pay has continuously worked on its mission of bridging the gap between fiat and cryptocurrency economies. The platform currently facilitates seamless transactions between traditional fiat currencies like the US dollar and leading cryptocurrencies such as Bitcoin and Ethereum. It boasts a presence in 173 countries, including Australia, Canada, Hong Kong, the United Arab Emirates (UAE), and India. The Singapore-based payments gateway has emerged as a key player in the global digital payment landscape. Cracking the US marketThis milestone in Arkansas aligns with Alchemy Pay’s broader strategy to penetrate the vast US market, delivering its services to American users and furthering its mission to harmonize fiat and cryptocurrency payments. The development closely follows Alchemy Pay’s recent strategic collaborations with global payment titans Mastercard and Visa, cementing its status as an influential contributor to the rapidly evolving digital payment sector.According to an updated version of its roadmap published in August, the company also plans to offer a digital banking service before the end of the year. That offering would enable users to open bank accounts directly through the Alchemy Pay platform once collaborations are firmly in place with EU and UK banks.The acquisition of the Money Transmitter License in Arkansas signifies a pivotal moment in Alchemy Pay’s ambitious US expansion agenda. It’s likely to be a crucial stepping stone for the firm in positioning itself as a prominent catalyst in the seamless integration of cryptocurrencies into mainstream financial systems. This achievement not only propels Alchemy Pay’s global presence but also reinforces its efforts to ensure safe, compliant, and accessible cryptocurrency-based financial services.

North Gyeongsang Province launches metaverse platform to become digital hubNorth Gyeongsang Province has officially launched its integrated metaverse platform Metaport, which aims to expand access to the metaverse — a key component of the digital economy — for the region’s citizens. It also serves to showcase the region’s cutting-edge technologies and establish it as a hub for emerging industries.Photo by Mimi Thian on Unsplash“We will focus on a strategy to solidify our position not only as a metaverse capital but also as a global digital hub,” said the province’s Governor Lee Cheol-woo.Offering a hybrid metaverse experienceTouted as the nation’s first scalable hybrid metaverse platform, Metaport utilizes Web3 technology to provide both web and app services. In particular, it leverages open APIs to integrate features such as login and avatars into one service, which allows users to enjoy metaverse content provided by local governments, public institutions, businesses, schools and more.Bridge to the futureThe platform also connects reality and the virtual realm with a virtual model of the Daegu-Gyeongbuk Integrated New Airport as the main space within the realm. The Daegu-Gyeongbuk Integrated New Airport is a joint military-civilian airport that is set to be built by 2030 in the Uiseong and Gunwi counties.Users can access MetaPort through a website without downloading a separate program. The mobile app is also available for Android smartphones on the Google Play Store.

Huobi Aims for Hong Kong License Within 6–12 MonthsAccording to Justin Sun, the founder of layer one blockchain Tron and advisor to Huobi, the cryptocurrency exchange could have obtained a crypto trading license in Hong Kong by the end of the year.Photo by Pixabay on PexelsApplication submissionIn an interview with CoinDesk TV on Friday, Sun revealed that Huobi recently submitted an application to become a virtual asset service provider (VASP) in Hong Kong. While the approval process typically takes up to 18 months, Sun expressed optimism that a decision could be reached within the next six to twelve months.A legacy Chinese cryptocurrency exchange was driven out of the country a few years ago following the implementation of a crypto trading ban, and is now a Seychelles-headquartered company which currently has offices in Singapore, Japan, South Korea, and the United Kingdom.It had been previously understood that at least 10 companies with Chinese founders, including OKX, Bybit, and Huobi, had either announced or were known to be planning to announce their bid for licenses in Hong Kong. Sun’s comments today add clarity to the matter.Sun highlighted that during this grace period, which spans the next 18 months, the specific details of regulations will be developed. This includes guidelines on compliance with customer withdrawals and anti-money laundering requirements. He further explained that with the approval, Huobi Hong Kong will be able to operate, onboard customers, establish banking relationships, and serve its user base effectively.In a strategic move, Huobi relocated its headquarters from Singapore to Hong Kong, driven by the city’s aspirations to become a leading virtual asset hub as early as this summer. The exchange’s decision to establish a presence in Hong Kong positions it favorably to leverage the emerging opportunities in the region.Expectations of more applicantsWhile it’s not entirely clear who else has applied, Sun speculated that five to six other major players could follow suit. Among the potential contenders mentioned were OKX, Gate.io, Bitget, and ByBit. This suggests a potential wave of interest in Hong Kong as a regulatory-friendly jurisdiction for virtual asset trading.When asked about Huobi’s plans to enter the Canadian market and compete with established players like Coinbase and Kraken, Sun made it clear that Huobi has no immediate intentions to operate in Canada. He emphasized the importance of prioritizing friendly jurisdictions, with a specific focus on regions like the Caribbean, Hong Kong, and Japan.Hong Kong’s regulatory approach towards cryptocurrencies and virtual asset service providers has gained attention in recent months. The city’s commitment to establishing a robust framework for digital asset trading and ensuring compliance with international standards has drawn interest from industry players seeking regulatory clarity and stability.As Huobi progresses through the application process and awaits a decision on its VASP license, the outcome will have significant implications not only for the exchange itself but also for the broader crypto ecosystem in Hong Kong. The successful acquisition of a license by Huobi could set a positive precedent, attracting more exchanges to establish a presence in the region and further solidifying Hong Kong’s position as a leading virtual asset hub in Asia.The developments in Hong Kong’s regulatory landscape will be closely monitored by industry participants as they shape the future of virtual asset trading in the city.